Strategy closed at $154.67, down 1.57%.
The session’s option tape was dominated by a $4.20 million same-direction double-sell put spread expiring in October 2026. The structure combined selling the 162.50 put and the 150.00 put in equal size, creating a net credit position that reflects premium collection rather than directional aggression. A much smaller out-of-the-money put sale at the 115.00 strike added a mildly constructive note, but the bulk of activity pointed toward neutral-to-bearish positioning as traders monetized elevated option premium while expressing limited upside conviction.
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Options Indicators
Strategy currently has an implied volatility (IV) of 74.26%, while its IV percentile is just 13.55%, indicating that although absolute volatility remains high, it is still low relative to its own historical range. This places current option pricing in the cheap-to-neutral area, suggesting volatility is on the lower side rather than elevated, and the IV/HV ratio of 0.75 further implies implied volatility is running below historical realized volatility. The Call/Put volume ratio is 1.75.
Large Trades
A put spread premium-selling structure worth $4.20 million was the day’s dominant large trade, specifically a same-direction double-sell put combination expiring on 2026-10-02. This was a put spread strategy with a net credit of $4.20 million, built by selling the 162.50 put and the 150.00 put in equal size. With the 162.50 strike in the money versus the $154.67 reference stock price and the 150.00 strike out of the money, the trade reflects a premium-collection stance that leans neutral-to-bearish, expressing an expectation that Strategy will stay range-bound or avoid a deeper downside move beyond the lower strike while monetizing elevated option premium. A small bullish single-leg trade also appeared, with a sold 115.00 put expiring on 2026-10-02 for $0.00 million; that strike sits well out of the money, so the position suggests willingness to collect premium while betting shares remain above 115.00, a mildly bullish income-oriented stance rather than an aggressive upside call. Overall, the large-trade flow points to a bearish tilt. Although there was a small out-of-the-money put sale that carried a constructive tone, the tape was overwhelmingly defined by the much larger put premium-selling combination, whose structure and scale indicate traders were more focused on harvesting downside premium and positioning for constrained price action than on chasing upside. Taken together, the bulk-order activity suggests cautious sentiment with a downside-biased undertone for Strategy.
Strategy Reference
For a low assignment probability, a seller could consider the 115.00 strike put, which sits about 25.65% below spot and aligns with the mildly bullish income-oriented flow already present in the tape; those preferring to limit margin and cap downside exposure may instead use a put credit spread such as selling the 150.00 put and buying the 115.00 put to mirror the day’s dominant premium-collection structure with defined risk.